Air Industries Group Announces Financial Results for the Three and Six Months Ended June 30, 2025
Second Quarter 2025 Financial Highlights
-
Net sales:
$12.7 million , a decrease of$0.9 million or 6.7% decrease from$13.6 million in Q2 2024. -
Gross Profit:
$2.0 million , down$0.6 million or 23.3% from$2.6 million in Q2 2024. Gross margin decreased to 16.0%, a decrease of 350 basis points from 19.5% in Q2 2024. -
Operating Expenses:
$2.0 million , up$0.1 million or 6.8% from$1.9 million in Q2 2024. -
Operating income:
$8,000 , compared to$752,000 in Q2 2024. -
Net loss:
$422,000 , compared to net income of$298,000 in Q2 2024. -
Adjusted EBITDA:
$893,000 , a decrease from$1,413,000 in Q2 2024.
Second Quarter Summary Income Statement
| Second Quarter June (Unaudited) | ||||||||
|
|
2025 |
|
|
2024 |
|
|||
|
|
$ |
12,659,000 |
|
$ |
13,572,000 |
|
||
| Cost of Sales |
|
10,631,000 |
|
|
10,928,000 |
|
||
| Gross Profit |
|
2,028,000 |
|
|
2,644,000 |
|
||
| Gross Margin |
|
16.0 |
% |
|
19.5 |
% |
||
| Operating Expense |
|
2,020,000 |
|
|
1,892,000 |
|
||
| Operating Income |
|
8,000 |
|
|
752,000 |
|
||
| Interest Expense |
|
(446,000 |
) |
|
(474,000 |
) |
||
| Other Income (net) |
|
16,000 |
|
|
20,000 |
|
||
| Income (Loss) before Income Taxes |
|
(422,000 |
) |
|
298,000 |
|
||
| Income Taxes |
|
- |
|
|
- |
|
||
| Net Income (Loss) |
$ |
(422,000 |
) |
$ |
298,000 |
|
||
| Net Income (Loss) per Share |
$ |
(0.11 |
) |
$ |
0.09 |
|
||
| Reconciliation of EBITDA To GAAP | ||||||||
| Net Income (Loss) |
$ |
(422,000 |
) |
$ |
298,000 |
|
||
| Interest Expense |
|
446,000 |
|
|
474,000 |
|
||
| Depreciation |
|
656,000 |
|
|
574,000 |
|
||
| Amortization |
|
17,000 |
|
|
17,000 |
|
||
| Stock Compensation |
|
196,000 |
|
|
50,000 |
|
||
| Adjusted EBITDA |
$ |
893,000 |
|
$ |
1,413,000 |
|
||
| All Amounts are Unaudited. | ||||||||
First Half 2025 Results:
-
Net sales:
$24.8 million , down$2.8 million or 10.2% decrease from$27.6 million in the first half of 2024. -
Gross Profit:
$4.1 million a decrease of$0.5 million or 10.7% from$4.6 million in the first half of 2024. Gross margin was 16.4%, compared to 16.5% in 2024. -
Operating Expenses:
$4.8 million , up$0.7 million or 18.3% from$4.1 million in the first half of 2024, with$0.6 million of the increase driven by non-cash stock compensation expense. -
Operating loss:
$0.7 million , compared to operating income of$0.5 million in the first half of 2024. -
Net loss:
$1.4 million , compared to a net loss of$0.4 million in the first half of 2024. -
Adjusted EBITDA:
$1.5 million a decrease from$1.8 million in the first half of 2024.
First Half 2025 Summary Income Statement
| Six Months June (Unaudited) | ||||||||
|
|
2025 |
|
|
2024 |
|
|||
|
|
$ |
24,802,000 |
|
$ |
27,633,000 |
|
||
| Cost of Sales |
|
20,740,000 |
|
|
23,083,000 |
|
||
| Gross Profit |
|
4,062,000 |
|
|
4,550,000 |
|
||
| Gross Margin |
|
16.4 |
% |
|
16.5 |
% |
||
| Operating Expense |
|
4,800,000 |
|
|
4,057,000 |
|
||
| Operating Income |
|
(738,000 |
) |
|
493,000 |
|
||
| Interest Expense |
|
(890,000 |
) |
|
(936,000 |
) |
||
| Other Income (net) |
|
218,000 |
|
|
35,000 |
|
||
| Income (Loss) before Income Taxes |
|
(1,410,000 |
) |
|
(408,000 |
) |
||
| Income Taxes |
|
- |
|
|
- |
|
||
| Net Income (Loss) |
$ |
(1,410,000 |
) |
$ |
(408,000 |
) |
||
| Loss per Share |
$ |
(38.00 |
) |
$ |
(0.12 |
) |
||
| Reconciliation of EBITDA To GAAP | ||||||||
| Net Income (Loss) |
$ |
(1,410,000 |
) |
$ |
(408,000 |
) |
||
| Interest Expense |
|
890,000 |
|
|
936,000 |
|
||
| Depreciation |
|
1,285,000 |
|
|
1,101,000 |
|
||
| Amortization |
|
34,000 |
|
|
34,000 |
|
||
| Stock Compensation |
|
670,000 |
|
|
112,000 |
|
||
| Adjusted EBITDA |
$ |
1,469,000 |
|
$ |
1,775,000 |
|
||
|
All Amounts are Unaudited. |
||||||||
Conference Call Information
The conference call-in number is 877–524–8416
ABOUT
FORWARD LOOKING STATEMENTS
Certain matters discussed in this press release are 'forward-looking statements' intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995. In particular, the Company's statements regarding trends in the marketplace, future revenues, earnings and Adjusted EBITDA, the ability to realize firm backlog and projected backlog, cost cutting measures, potential future results and acquisitions, are examples of such forward-looking statements. The forward-looking statements are subject to numerous risks and uncertainties, including, but not limited to, the timing of projects due to variability in size, scope and duration, the inherent discrepancy in actual results from estimates, projections and forecasts made by management, regulatory delays, changes in government funding and budgets, and other factors, including general economic conditions, not within the Company's control. The factors discussed herein and expressed from time to time in the Company's filings with the
NON-GAAP FINANCIAL MEASURES
The Company uses Adjusted EBITDA, a Non-GAAP financial measure as defined by the
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Chief Financial Officer
631-328-7039
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